20. Sri Lanka: 55.2% — While Sri Lanka's tax rates are high, the WEF cites policy instability and poor access to financing as bigger hindrances to doing business in the country.

19. Costa Rica: 58% — The small nation is one of a few countries in Central America to have a tax rate well in excess of 50%. This is part down to high levels of tax activism in recent years, which has led policymakers to increase total taxes.

10. Italy: 64.8% — Italy's high tax rate is the single most problematic factor for doing business in the country, according to the WEF, beating its government bureaucracy.

9. Venezuela: 65% — The economy of Venezuela is wracked by inflation, crime and corruption, according to the WEF. It pursued a higher-tax model, with dramatic increases in taxes for foreign oil companies under former President Hugo Chavez.